Japan’s Utilities Look To Switch To Oil As LNG Prices Soar

Oil refiners in Japan have been asked by power-generating firms to provide additional oil supply to utilities, which are struggling to secure liquefied natural gas (LNG) at very high prices. “Spot LNG prices have risen considerably and we have received requests from electric utilities that want to use oil as a substitute,” Tsutomu Sugimori, president of the Petroleum Association of Japan (PAJ), said on Wednesday as carried by Reuters. Last week, the spot LNG price for December delivery into Northeast Asia was around $34.50 per metric…